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Wall Street stumbles with the return of commercial uncertainties

2019-09-20T20:56:12.173Z

Wall Street stumbles with the return of commercial uncertainties


New York (AFP)

Wall Street ended the week in the red Friday, weakened by the announcement that Chinese officials who had to go to farms in Montana and Nebraska had finally given up their move.

The Dow Jones, the leading index of Wall Street has yielded 0.59% to 26,935.07 points.

The Nasdaq, with strong technological color, fell by 0.80% to 8177.67 points and the expanded index S & P 500 yielded 0.49% to 2,992.07 points.

Over the week as a whole, the Dow Jones lost 1.04%, the Nasdaq 0.72% and the S & P 500 0.50%, these indices showing weekly losses for the first time in a month.

Confirmation that the Chinese delegation would shorten his stay in the US has made Wall Street dive near balance early in the session.

This announcement indicates "that there may be other issues (in the Sino-US trade dispute, Ed), because at the same time Donald Trump said he does not want a trade agreement before the US presidential election ( November 2020, Ed), according to Quincy Krosby of Prudential.

"We want a total agreement, a partial agreement does not interest me," said Friday the tenant of the White House. "It could go fast, but it would not be the right agreement, we have to do things right," he said, emphasizing the extreme complexity of the matter.

A technical meeting between Chinese and American negotiators, which began Thursday, however, continued Friday in Washington, confirmed to AFP a representative of the services of the Trade Representative (USTR).

The market was also following closely the comments of several members of the US Federal Reserve (Fed) on the drop in overnight rates of a quarter of a percentage point announced Wednesday.

If the president of the Boston Fed, who opposed the decline, estimated that the US economy "does not need an additional monetary stimulus", that of the Fed Saint Louis, favorable to a a more significant decrease, considered that it would have been better "to guard against further expected declines in inflation and against a slowdown in the economy."

Overall, "the market seemed satisfied with a Fed that said pay attention to new economic data while scrutinizing the consequences of trade tensions," said Krosby.

The volatility in the markets was also higher than usual due to the so-called four witches session: like four times a year, several types of futures and options on the indices or shares expired on Friday, forcing investors to get rid of certain positions.

In the bond market, the 10-year US debt rate stood at 1.720% at around 8:30 pm GMT, slightly lower than yesterday's close (1.784%).

© 2019 AFP

Source: france24

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